Awalé Completes $20.7 Million Strategic Financing with Closing of Final Tranche
Awalé Completes $20.7 Million Strategic
Financing with Closing of Final Tranche
Highlights
Awalé completes its previously announced strategic financing with the closing of Newmont's equity
investment.
Newmont maintains its approximately 8.2% ownership in Awalé.
Awalé now has over $36.5 million in cash, while Newmont continues funding the Odienné Joint
Venture.
Toronto, Ontario--(Newsfile Corp. - August 6, 2026) -
Awalé Resources Limited (TSXV: ARIC)
(OTCQX: AWLRF) (FSE: 2F60)
("
Awalé
" or the "
Company
") is pleased to announce that it has closed
the second and final tranche (the "
Final Tranche
") of its non-brokered private placement previously
announced on July 14, 2026 and July 28, 2026 (the "
Offering
") through the subscription by Newmont
Ventures Limited, a wholly-owned subsidiary of Newmont Corporation (NYSE: NEM) (ASX: NEM)
(PNGX: NEM) ("
Newmont
"), pursuant to an investment agreement entered into between Newmont and
the Company dated as of today's date (the "
Investment
Agreement
") and in accordance with the
exercise of its pre-existing participation rights. The closing of the Final Tranche (the "
Closing
")
completes the Company's strategic financing with Predictive Discovery Limited ("
PDI
"), Fortuna Mining
Corp. ("
Fortuna
") and Newmont pursuant to the Offering, for aggregate gross proceeds of
approximately $20.7 million. Proceeds from the Offering, including the Final Tranche, will be primarily
used to advance exploration activities across the Company's 100%-owned properties at the Odienné
Project in Côte d'Ivoire.
"We welcome Newmont's decision to maintain its ownership position in Awalé through this financing. As
the world's largest gold producer, Newmont's continued backing through its ongoing funding of the
Odienné Joint Venture and its commitment as a strategic shareholder is a strong endorsement of the
quality and long-term potential of the Odienné Project. Together with the investments from PDI and
Fortuna, Awalé now has over $36.5 million in cash, providing the flexibility to accelerate exploration
across our 100%-owned properties," said Andrew Chubb, President and CEO of Awalé.
Pursuant to the Final Tranche of the Offering, Newmont subscribed for 1,982,538 common shares of the
Company ("
Common
Shares
") at a price of $0.85 per Common Share for gross proceeds of
$1,685,157.30. Following Closing, Newmont owns 11,682,639 Common Shares, representing
approximately 8.2% of the Company's issued and outstanding Common Shares on a non-diluted basis.
Following completion of the Offering, the Company has 143,317,133 Common Shares issued and
outstanding. The Company issued an aggregate of 24,320,202 Common Shares to PDI, Fortuna, and
Newmont for gross proceeds of $20,672,171.70.
No warrants were issued and no commission was paid in connection with the Final Tranche of the
Offering. All securities issued pursuant to the Offering are subject to a statutory hold period of four
months plus one day from their respective dates of issuance in accordance with applicable Canadian
securities laws. The Offering remains subject to final TSX Venture Exchange ("
TSXV
") acceptance.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be
any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be
unlawful. The securities have not been, and will not be, registered under the United States Securities Act
of 1933, as amended (the "
U.S. Securities Act
"), or the securities laws of any state of the United
States, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S.
persons (as defined in Regulation S under the U.S. Securities Act) absent registration under the U.S.
Securities Act and applicable state securities laws or an exemption from such registration requirements.
For the purposes of the Offering, U.S. dollar amounts have been converted to Canadian dollars using an
exchange rate of US$1.00 = C$1.4146. Unless otherwise specified, all references to $ are Canadian
dollars.
Canadian Early Warning Disclosure
Newmont announces that pursuant to the Investment Agreement, it has acquired, on a private placement
basis, 1,982,538 Common Shares at a price of US$0.6009 (representing the US Dollar equivalent of
$0.85 based on an exchange rate of US$1.00 = C$1.4146) per Common Share for an aggregate
purchase price of US$1,191,307.08 (representing the US Dollar equivalent of $1,685,223).
Immediately prior to the Closing, Newmont held 9,700,101 Common Shares and 1,454,357 Common
Share purchase warrants ("
Warrants
"), with each Warrant being exercisable to acquire one Common
Share (a "
Warrant
Share
") at a price of $0.20 per Warrant Share for a period of 36 months from
December 18, 2023. As such, immediately prior to the Closing, Newmont: (i) held approximately 6.86%
of the issued and outstanding Common Shares on a non-diluted basis, and (ii) assuming the exercise in
full of all of the Warrants, would have held approximately 7.81% of the issued and outstanding Common
Shares on a partially-diluted basis. For more information regarding such Common Shares and Warrants,
see Newmont's early warning report dated December 5, 2023 filed on Awalé's SEDAR+ profile.
Immediately following Closing of the Final Tranche of the Offering: (i) Newmont holds an aggregate of
11,682,639 Common Shares and 1,454,357 Warrants, representing approximately 8.15% of the issued
and outstanding Common Shares on a non-diluted basis, and (ii) assuming the exercise in full of all of
the Warrants, Newmont would hold an aggregate of 13,136,996 Common Shares, representing
approximately 9.07% of the issued and outstanding Common Shares on a partially-diluted basis.
Newmont acquired the Common Shares pursuant to the Final Tranche of the Offering for investment
purposes, and in the future, Newmont may, from time to time, increase or decrease its investment in
Awalé through market transactions, private agreements, treasury issuances or otherwise, depending on
market conditions and any other relevant factors.
Newmont's head office is located at 6900 E Layton Avenue, Suite 700, Denver, CO 80237.
An early warning report will be filed by Newmont in accordance with applicable securities laws and will
be available under Awalé's profile on the SEDAR+ website at
www.sedarplus.ca
, and may also be
obtained by contacting Neil Backhouse,
or Shannon Brusche,
.
About Awalé Resources
Awalé Resources is a diligent and systematic mineral exploration company focused on discovering
large-scale gold and gold-copper deposits in Côte d'Ivoire. The Company's flagship Odienné Project
now hosts an initial inferred Mineral Resource Estimate
[1]
of 1.71 million ounces gold equivalent across
the BBM, Charger, and Empire deposits (32.4 Mt at 1.33 g/t Au and 0.33% Cu), providing a strong
foundation for ongoing growth and future economic studies.
The Odienné Project covers 2,346 km
2
across seven permits, including 797 km
2
held under the Awalé-
Newmont Joint Venture. Awalé manages exploration activities across the joint venture area, with funding
currently provided by Newmont Ventures Limited under the Exploration Agreement signed in May 2022.
In addition to the current resource base defined on the joint venture ground, Awalé controls a substantial
100%-owned land position across the broader Odienné district, where multiple untested and early-stage
targets provide additional potential discovery upside. Across the Project, Awalé has identified multiple
gold and gold-copper systems and continues to build a pipeline of targets with potential to support
further discoveries and resource growth.
With a skilled and experienced technical team, together with support from three strategic shareholders,
Awalé is advancing exploration in an underexplored and pro-mining jurisdiction with clear potential for
district-scale discoveries.
AWALÉ Resources Limited
On behalf of the Board of Directors
"Andrew Chubb"
Chief Executive Officer
FOR FURTHER INFORMATION, PLEASE CONTACT:
Andrew Chubb, CEO
(+356) 99139117
Ardem Keshishian, VP Corporate Development
+1 (416) 471-5463
The Company's public documents may be accessed at
www.sedarplus.ca
. For further information on the Company, please visit our website at
www.awaleresources.com
.
Forward-Looking Information
This news release contains forward-looking information within the meaning of applicable Canadian
securities laws (collectively, "forward-looking statements"). Forward-looking statements are typically
identified by words such as: believe, expect, anticipate, intend, estimate, plan, propose, potential,
postulate, target, continue, advance and similar expressions, or are those which, by their nature, refer
to future events. All statements that are not statements of historical fact are forward-looking
statements. Forward-looking statements in this news release include, but are not limited to, statements
regarding the receipt of TSXV final acceptance for the Offering, filing of early warning report, the use of
proceeds from the Offering, the Company's presence in Côte d'Ivoire and ability to achieve results,
creation of value for Company shareholders, achievements under the Newmont exploration
agreement, advancement and expansion of the Odienné Project, the potential size, scale and quality
of the mineral resource estimate at BBM, Charger and Empire, the conversion or upgrading of
inferred mineral resources, timing and results of future drilling programs, resource expansion
potential at BBM, Charger and Empire, and exploration and discovery potential at Fremen and other
targets, the potential for additional discoveries, expectations regarding the timing and completion of a
preliminary economic assessment and advancement toward pre-feasibility studies, timing for receipt
of assay results, commencement and continuation of operations, and the potential development of
the Odienné Project. Although the Company believes the expectations reflected in such forward-
looking statements are reasonable, it can give no assurance that such expectations and assumptions
will prove to be correct. Factors that could cause actual results to differ materially from forward-looking
information include, but are not limited to, failure to receive TSXV final acceptance for the Offering,
the results of exploration and drilling programs, the interpretation of exploration and mineral resource
results, changes in mineral resource estimates, the ability to convert inferred mineral resources to
indicated mineral resources, the ability to complete future economic studies, fluctuations in
commodity prices, changes in the state of equity and debt markets, delays in obtaining required
regulatory, governmental, environmental or other project approvals, availability of financing, and the
other risks involved in the mineral exploration and development industry, including those risks set out
in the Company's management's discussion and analysis and other continuous disclosure
documents filed under the Company's profile at SEDAR+ at
www.sedarplus.ca
. Forward-looking
information in this news release is based on the opinions and assumptions of management
considered reasonable as of the date hereof, including, without limitation, that all necessary
governmental and regulatory approvals will be received as and when expected, that financing will be
available on reasonable terms, and that exploration, development and study activities will proceed as
currently planned. Although the Company believes the assumptions and factors used in preparing the
forward-looking information in this news release are reasonable, undue reliance should not be placed
on such information. The Company disclaims any intention or obligation to update or revise any
forward-looking information, whether as a result of new information, future events or otherwise, except
as required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
[1]
The full Initial Mineral Resource Estimate news release dated May 19, 2026, including detailed assumptions and methodology, is available at
www.awaleresources.com
and SEDAR+
www.sedarplus.ca
.
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UNITED STATES
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